The Financial Services Authority (FSA) has fined a Dubai based private investor $9.62m (£6m) for manipulating the closing price of securities on the London Stock Exchange, in the largest fine imposed by the FSA on an individual.
Rameshkumar Goenka's fine includes a penalty of $6.51m (£4m) plus a restitution element of $3.10m (£2m). The FSA will use the restitution amount to reimburse the bank which overpaid Goenka as a result of his market abuse. On 18 October 2010 Goenka placed orders and executed trades which artificially inflated the closing price of Reliance Industries (Reliance) securities. Goenka had arranged for a pre-planned series of substantial and carefully timed orders to be placed in the final seconds of the LSE's closing auction. The orders were placed and the trades executed with the inte...
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